SS 2 Commerce

Commercialization is essentially a significant shift in the operational philosophy of government enterprises. It represents a strategic transition from a primarily service-driven focus to one firmly centered on profit. This transformation symbolizes a dynamic process where the fundamental objectives and motivations guiding these enterprises undergo substantial evolution.   At its essence, commercialization signifies that the […]

Meaning of Business: Business refers to the coordinated efforts of individuals to manufacture, sell, or purchase goods and services with the intention of generating a profit. It encompasses diverse activities such as production, marketing, sales, finance, and operations, all aimed at achieving financial success and sustaining the enterprise.   Meaning of Management: Management involves coordinating

A presentation package is a software application designed to present information, typically in the format of a slide show. Examples of presentation packages include Microsoft PowerPoint, Macromedia Flash, Windows Movie Maker, and Open Office.   Presentation packages find various uses, including: Serving as a platform for slide shows. Facilitating the delivery of multimedia lectures. Aiding

A stock exchange is a specialized marketplace where investors can engage in the buying and selling of various securities such as shares, stocks, debentures, and gilt-edge securities, forming an integral part of the capital market.   The key functions and significance of the stock exchange include facilitating the trading of securities, aiding companies in capital

What is Capital? Business capital encompasses all the assets and property owned by a firm. There are various types of capital, including fixed capital (assets used continuously in business operations), circulating or floating capital (capital needed regularly for production), liquid capital (cash, debtors, and bank balances), and working capital (excess of current assets over liabilities).

Insurance is a contractual arrangement wherein an insurer or underwriter commits to compensating the insured in the event of a loss, and in return, the insured makes premium payments. Insurance is essentially a formal agreement between the insured (the entity or individual seeking coverage) and the insurer or underwriter (the insurance company). This agreement outlines

Industrial Combination: Industrial combination, also known as integration, involves the merging of two or more firms to create a single, economically stable entity.   Reasons for Industrial Combination: Firms may integrate to combat economic recession, capitalize on monopoly advantages, ensure stable prices, secure direct sources of raw materials, reduce production costs, increase profits, meet statutory

Trade Associations A trade association refers to a collective organization comprising traders or producers involved in the same line of business, with its primary objective being the protection and advocacy of the interests of its members and their respective enterprises. An illustrative example is the Motorcycle Operators Association of Lagos State (M.O.A.L.S).   Characteristics of

Public Enterprises Public Enterprises, also known as Public Corporations or Statutory Corporations, are business organizations established, owned, managed, and controlled by the government in Nigeria. Notable examples include PHCN, NNPC, NRC, and NPA.   Methods of Establishing Public Enterprises Legislative Enactment: Public Enterprises are created through Acts of Legislature or Decrees. Nationalization: Private industries can

A cooperative society is a voluntary association comprising individuals, businessmen, traders, or organizations who share common needs and interests. Members contribute their resources to collectively advance the economic and welfare interests of the group.   Principles of Cooperative Societies: Open and voluntary membership. Democratic management and control through voting, where each member has an equal

Terms of Trade And Payment Methods In Quoting Prices CIF (Cost, Insurance, and Freight): When a price is quoted CIF, it includes the cost of goods, insurance, and carriage to the port of destination but excludes delivery from the dock to the purchaser’s premises. The importer is responsible for additional charges.   FOB (Free on

Documents utilized in the buying and selling of goods play a crucial role in business transactions. When such transactions take place, specific documents are created and exchanged between the parties involved. These documents serve to facilitate transactions between buyers and sellers and are outlined below:   Trade Journal: This publication focuses on a particular sector

Commodities encompass items such as food, agricultural products (e.g., wheat, cocoa), natural resources (e.g., oil, gas, gold, silver), and standardized goods traded in bulk with interchangeable units. Primarily originating from the agricultural and mining sectors, these goods are exchanged on commodity exchanges.   Types of Tradable Commodities: Agricultural Produce: Includes cash and food crops like

What is a Co-Operative Society? A cooperative society is a group formed by individuals with shared interests who contribute capital to advance the business interests of its members. It operates as a voluntary self-help business organization where individuals, sole proprietors, traders, or producers collaborate for mutual benefit.   Characteristics of Cooperative Society: Democracy: Each member